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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThese news notes appeared in IBJ’s Real Estate Weekly on June 15, 2021:
Briefs:
— The Academy Building at 429 E. Vermont St. was acquired earlier this month for about $2.5 million by local brokerage Shook Realty Group LLC. The four-story, 30,500-square-foot office building was sold by owner-tenant Health Foundation of Greater Indianapolis. It was constructed in 1911 as St. Mary’s Academy but has been used as an office building for several decades. It currently is 87% occupied by 21 tenants. The health organization was represented by Indianapolis-based Colliers International brokers Alex Cantu and Alex Davenport, while Shook represented itself.
— Indianapolis-based Arrow Street Development broke ground on its new 244-unit apartment project in downtown Indianapolis last week. The Wesley Place project, located at 1630 and 1752 N. Meridian St., will feature up to 3,000 square feet of retail space, a parking garage and units ranging from studios to two-bedrooms. Original plans for the project—first reported by IBJ in December 2019—called for 195-units, but the figure grew following discussions with neighbors and local officials. The project is expected to open in fall 2022.
— Atlanta, Georgia-based Floor and Décor opened a 68,000-square-foot store on June 7 at 1049 N. Emerson Ave. in Greenwood. This is the chain’s second Indianapolis-area store, joining one at 8310 Castleton Corner Drive in Indianapolis. Floor and Décor sells hard-surface flooring along with tools, accessories, wall tiles and other items for hard-surface flooring projects. The company operates a total of 140 warehouse stores and two design studios in 32 states.
— A Jaggers restaurant is in the works for 3960 E. 82nd St., on the site where a Chili’s restaurant formerly operated. The Chili’s has been demolished and a new facility is being built for Jaggers, which expects to be open at that location in October. The new spot will join two other area Jaggers, at 7833 S. U.S. 31 on the south side of Indianapolis and 14570 Mundy Drive in Noblesville. A third Jaggers operates in Louisville. The fast-casual concept, which focuses on burgers, chicken and salads, is owned by Louisville-based Texas Roadhouse.
Sales:
ACRE Capital LLC purchased 52,993 square feet at Waterfront V, 2831 Waterfront Parkway East Drive. The buyer was represented by Thayer Morgan of Berkshire Hathaway Commercial. The seller, IN Waterfront Office LLC, was represented by Bennett Williams and Megan Cuvelier of Cushman & Wakefield.
HWS Recovery LLC purchased 5 acres of land located at 320 White St. Whiteland. Bob Lindgren of Lee & Associates-Indianapolis, represented the buyer. Helen Ellis of Century-21 Scheetz represented the seller, Haryana Inc.
Innovative Partners LLC purchased an 18,874-square-foot building on 2.4 acres at 6300 Technology Center Drive. The seller, S&H Development LLC, was represented by Jeff Merritt of Bradley Company. The buyer was represented by Scott Lindenberg of Reliant Partners Commercial Realty.
INDI purchased 2.2 acres at 6225 West 56th St. The seller, CMH Properties LLC, was represented by Scott Lindenberg of Reliant Partners Commercial Realty. The buyer was represented by Courtney Galyan of metaCRE.
TR Holding Group LLC purchased a 167,798-square-foot industrial/retail building on 10.71 acres at 8401 E. Washington St. The seller, LFC Properties LLC, was represented by J.D. Graves of CBRE. The buyer was represented by Scott Lindenberg of Reliant Partners Commercial Realty.
Leases:
Aerify.io LLC leased 1,150 square feet at 15 S. Main St. in Zionsville. The landlord, Canterbury Investment Management LLC, was represented by Mike Clements of C21 Commercial. The tenant represented itself.
Scott Miller, owner of Total CBD Shop-Greenwood, signed a new lease for 930 square feet. The space is in the neighborhood center located at 1283 N. U.S. 31, Greenwood. Bob Lindgren and Mike Kensill, both with Lee & Associates-Indianapolis, represented the landlord, WHPM Properties LLC, and the new tenant.
Construction:
Capitol Construction completed a 5,394-square-foot office buildout for First Option Mortgage at 8909 Purdue Road.
Capitol Construction completed a 1,590-square-foot office buildout for Hearing Solutions at 14555 Hazel Dell Parkway, Carmel.
Rates:
The average rate for 30-year mortgages fell from 2.99% to 2.96% in the week ended June 10, according to FreddieMac. The rate for 15-year mortgages fell from 2.27% to 2.23%.
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